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Fico score & new auto loan

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CreditBob
Established Contributor

Fico score & new auto loan

Does anyone know how long after a new auto loan is reported how the score is affected? Will there be any difference after 6 months worth of payments?
Message 1 of 5
4 REPLIES 4
haulingthescoreup
Moderator Emerita

Re: Fico score & new auto loan

My score did a big drop when it first reported, and then it bounced back up as soon as the very first payment posted. Then it goes flat, and there won't be any particular change until a possible improvement, when you get right down to the very end. Probably won't be very big increase, though.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 2 of 5
BGMWPD320
Regular Contributor

Re: Fico score & new auto loan

When I got my new truck I didn't see any change in my scores.  I was very surprised since I went from having $7k left on an auto loan to having $30k on an auto loan.  I expected a huge difference for a little while but there was no change.
Message 3 of 5
CreditBob
Established Contributor

Re: Fico score & new auto loan

I guess the big part is having a good mix of the types of credit used. I have three installment, one auto loan, & three revolving accounts.
Message 4 of 5
fused
Moderator Emeritus

Re: Fico score & new auto loan

For me, no real change when it first reported or when it was marked as paid in full.
Message 5 of 5
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